Nucleolar involvement in the regulation of the activity‐rest‐quiescence cycle of the vascular cambium was assessed by determining the seasonal variation in number, diameter, and volume of nucleoli in fusiform cells of Abies balsamea (L.) Mill. The cells were isolated from 1‐ and 19‐yr‐old cambia and stained with either silver nitrate or Feulgen + naphthol yellow‐S. The ability of fusiform cells to incorporate [5‐3H]‐uridine into nuclei and nucleoli was also determined. In the 1‐yr‐old cambium, the activity of the nucleoli, as evidenced by their diameter, total volume per cell, and intensity of staining with silver nitrate, exhibited two maxima during the year—a large one during cambial reactivation in April‐May and a small one during the rest‐quiescence transition in October. Incorporation of radiolabeled uridine at 20 C was low at the end of the active period and increased during the rest–quiescence transition, suggesting that the quiescent, but not the resting, cambium can rapidly resume nucleolar activity when the temperature is permissive. The number of nucleoli per cell varied between two and eight, and was higher during the dormant than the active period. The increase in number took place during the autumnal activity–rest–quiescence transition, when cambial cells were arrested in the G1 phase of the cell cycle. Similar seasonal changes in nucleolar morphology were observed in the 19‐yr‐old cambium. Nucleolar diameter and total nucleolar volume were larger in the 19‐yr‐old cambium than in the 1‐yr‐old cambium, whereas nucleolar number was lower. Th results suggest that repression of rRNA genes underlies the development of rest when the cambium will not produce new cells.